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Saturday, August 21, 2004

Team owner's assets tagged


Items to be seized if loans not paid

By Jennifer Edwards and Brenna R. Kelly
Enquirer staff writers

MORROW -- Responding to a judge's order, Warren County sheriff's deputies Friday identified items to be seized from the home of troubled Florence Freedom minor league team part-owner Chuck Hildebrant.

Deputies listed 85 items - ranging from luxury vehicles and sports memorabilia to appliances and furniture - that will be taken from Hildebrant's $676,560 home. Nothing was physically removed from the home Friday.

Spokesmen for the local offices of the FBI and U.S. Attorney said this week that Hildebrant is the subject of a white-collar investigation related to how he secured funding to pay for the baseball team's Florence stadium. Work was halted on that $7 million-to-$8 million stadium in July after contractors filed liens saying they were not paid for their work.

Hildebrant, 45, was home when deputies arrived and let them inside, but left shortly thereafter, Warren County Clerk of Court Jim Spaeth said.

A Warren County judge authorized the sheriff to go into Hildebrant's home and take possessions after Fifth Third Bank filed a lawsuit saying he owes more than $700,000 on two revolving lines of credit and $987,000 on a July 22 loan secured by a 20-acre parcel of industrial property in Maineville. A judge ordered Hildebrant to immediately repay the money.

If Hildebrant doesn't repay the loans, the sheriff can auction items taken from his home to repay all or a portion of the money, said Alan Statman, Fifth Third's lawyer.

Also this week, a Kenton County judge ordered Heritage Bank in Kentucky to freeze all of Hildebrant's accounts in response to a request from Fifth Third.

Hildebrant's lawyer, Jack Rubenstein, was out of the office Friday and unavailable for comment. He has said previously that his client is working to resolve all issues.

Hildebrant also owes Provident Bank $2.75 million on a loan it granted to build a baseball stadium, according to court records. Bank officials said Hildebrant owes the bank another $125,000 on a revolving line of credit; its purpose was not listed in court documents. A judge has ordered Hildebrant to repay those loans.

As of Friday, $4 million in liens had been filed by contractors who say they were not paid for work at Champion Window Field, which is about 80 percent complete. The latest lien was filed Thursday by Otis Elevator Co., which says it is owed $24,542 for auditorium seating. All work was halted on the stadium in July.

If the first of the liens is not paid by Monday, the city of Florence, which owns the land under the stadium, could evict the team because the lien is a violation of the lease. Florence Mayor Diane Whalen said she will announce Monday morning what action the city will take.

Three 2003 cars on itemized list

Friday, Warren County court deputies tagged 85 items in Chuck Hildebrant's Morrow home to be seized to repay loans that Fifth Third Bank says Hildebrant owes. Some of the items:

• 2003 Mercedes-Benz E320 with 19,454 miles.

• 2003 Cadillac Escalade EXT with 16,925 miles.

• 2003 Mercedes-Benz SL 500; mileage not listed.

• Snapper push mower.

• Whirlpool washer and dryer.

• Princess Diana doll w/case.

• King-size bed from master bedroom.

• Dell computer w/printer and screen from the basement.

• Floor safe from master bedroom.

• Autographed Mickey Mantle picture.

• Autographed bat by Pete Rose.

• 14 signed baseballs from Pete Rose, Barry Bonds, Mickey Mantle and Yogi Berra.

---

E-mail jedwards@enquirer.com or bkelly@enquirer.com




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